How unlike cash will CBDCs be?
In this post I discuss several differences between physical cash, and what I imagine retail Central Bank Digital Currencies might end up looking like.
In this post I discuss several differences between physical cash, and what I imagine retail Central Bank Digital Currencies might end up looking like.
Summary: Issuers of today’s fiat-backed stablecoins (such as PAX, USDC and TUSD) need to identify (or KYC) only those users who convert between bank account money and stablecoin, not all holders. Some people might...
This short post explores some of the additional value that tokenised assets on blockchains can add, over and above pure financial return. The assets in question could be shares, or bonds, or other financial...
Today, state sponsored money is under pressure. The emergence of two threats has added urgency to the agenda to defend it.
Here’s what I think is going on with digital assets and security tokens and why it’s the most exciting thing going on in finance right now. There are two parallel streams of innovation: A...
In this post I explore how legal title to publicly listed shares works in Hong Kong, the USA, and Singapore. Then I relate this to tokens recorded on blockchains.
I was getting my daily hit of Matt Levine’s excellent Money Stuff this morning (subscribe here!). In my favourite blockchain blockchain blockchain section he noted: But a popular pattern in the crypto/token/blockchain world is...